QuEST Global Launches Center of Excellence for Microsoft Azure to Develop Innovative Solutions for Customers

* The CoE will power upcoming tech innovations in IoT, AI, Mixed Reality, Digital Twin, and Cloud Engineering

* It will help the company to explore futuristic technologies like Quantum Computing, Programmable Edge, and Azure Blockchain

QuEST Global, a global product engineering and lifecycle services company, today announced it had signed an agreement with Microsoft to launch a dedicated Center for Excellence (CoE) for Microsoft Azure. The CoE, which will be based out of QuEST’s Pune facility, will enable the company to achieve the next level of excellence and expertise in future research, strategy, and creation of innovative platforms and solutions based on Azure technologies for customers across industrial and healthcare sectors.

The CoE will focus on refining existing solutions and creating new solutions, proof of concepts, and technology demonstrators in technologies like Mixed Reality, Digital Twin Data Analytics, Cloud Engineering, IoT, and AI. The company will also use the CoE to host advanced training and upskilling of its engineers to adapt to modern-day Azure technologies, best practices, and infrastructure for more successful business experience. In addition, the CoE will form the core of QuEST’s new initiatives in upcoming tech domains like Quantum Computing and Azure Media Service, to name a few.

Elaborating further on its significance and value it will provide, Krish Kupathil, Head – Hi-Tech and Digital, QuEST Global, said, “We are delighted to collaborate with Microsoft for the CoE that will be a centralized, strategic division and will act as an incubation hub for QuEST engineers. They will be able to execute prototype and solution development rapidly, experience the latest Microsoft Azure innovations applied in real industry scenarios, engage in high tech workshops, and deliver quality results at speed, scale, and on-demand. The CoE will also help us to easily and pro-actively share Azure expertise and best practices across the organization.”

He further added that along with driving QuEST’s new tech initiatives, the CoE would deliver key components like governing processes, structural approach, resources, and automation that will enable the company to develop innovative solutions to its customers across industries.

“We are pleased about the CoE for Microsoft Azure at QuEST premises. Microsoft has always endeavored and strived to deliver excellence and help clients achieve more through continuous innovation. As one of our elite IoT and AI partners, QuEST’s CoE is yet another opportunity to further our valued collaboration and create new-age products and solutions using Azure Technology to help customers transform their business,” said Michael Kuptz, General Manager – Americas, IoT & Mixed Reality Sales, Microsoft Corp.

A long-standing Microsoft partner, QuEST have been building and deploying several key solution accelerators that have been used by customers in critical business areas like asset management, fleet management, energy management and vision analytics solution across industrial and healthcare verticals. Using these solution accelerators, built on Azure IoT Central, QuEST has been helping its customers take the next step in their digital transformation journey by automating the process of identifying production problems, proactively implementing innovative solutions, and making products safer and more reliable.

AEGON Life Insurance Launches Life+ 36 Critical Illness Insurance on Flipkart Across Indian Market

* Premium starts at INR 153 Covers 36 critical illness  

* The policy does not mandate hospitalisation  

* Lump Sum payment on diagnosis 

Aegon Life Insurance, the pioneer of digital insurance in India, announced the launch of 'Life + 36 critical illness Insurance' on Flipkart at the starting premium of just Rs. 153 for a life cover of Rs 1 lakh plus Critical Illness cover of Rs.10,000. This means that the policy holder gets the benefit of life protection along with a lumpsum pay-out on diagnosis of any of the 36 critical illnesses.  

There is a high risk of lifestyle diseases such as heart attack, kidney failure, etc. in the present times due to stress and lifestyle choices; Aegon Life’s “Life+ 36 Critical illness Insurance” ensures that the policyholder gets covered against most of the lifestyle diseases along with a life cover to ease the financial burden. The policy covers most of the life-threatening illnesses such as Cancer, Heart Attack, Kidney Failure, Stroke, Burns, Alzheimer and 30 other diseases. The policy is issued instantly and requires no medical check-up nor KYC.On diagnosis of any of the 36 life-threatening illness, the policyholder is paid a lump sum amount irrespective of hospital bills. The Life cover continues with the sum assured reduced against the claims paid under the policy. The lump sum pay-out helps manage the healthcare expenses, home treatment and other related expenses 

Speaking on the launch of Life + 36 Critical illness Benefit, Mr. Satishwar Balakrishnan, Principal Officer, and CFO, Aegon Life Insurance, shared, "We remain deeply committed to our vision of creating tension-free lives by making insurance affordable, simple and accessible, and ‘Life + 36 Critical Illness Insurance’ is aligned with our vision. In the present scenario, healthcare costs pose a burden, especially if diagnosed with critical illnesses; the limited physical activity due to the ongoing pandemic has added to the high risk of lifestyle diseases. To ensure that our customers are not burdened with the overwhelming costs of health emergencies, benefits such as 'pay on critical illness diagnosis' which pays a lump sum amount on diagnosis of any of the 36  critical illnesses, will be a boon to the policyholders" 

He further adds, "Our earlier product on Flipkart, Life + Covid-19 Insurance, witnessed a great affinity and helped us to understand the need for more inclusive offerings. Our association with Flipkart will not only help us increase our distribution base but will also enable us to offer best in class services to the Flipkart customers by providing them relevant protection solutions." 

Mr. Ranjith Boyanapalli, Head– Fintech and Payments Group, Flipkart, said, "At Flipkart, we continue to innovate and bring customer-first offerings on our platform. Our partnership with Aegon Life is a testimony to this.  Given the uncertain and challenging times, insurance is a must-have product. We want Flipkart to be a one-stop-shop solution for all customers' insurance needs." 

The product will be available on the Flipkart app. The customers can buy Life + 36 critical illnesses Insurance from the safety and security of their homes with just a tap of their fingers on their mobile phones. 

AESL CMD J. C. Chaudhry Conferred with “Distinguished Entrepreneurship Award 2020” by PHD Chamber of Commerce

* The award was given away by Gen V.K. Singh (Retd), Hon’ble Union Minister of State for Road Transport and Highways, at a virtual event held recently. 

* Mr J C Chaudhry received the award for his outstanding contribution as an entrepreneur in the Education sector. 

Mr J. C. Chaudhry, Chairman and Managing Director, Aakash Educational Services Limited (AESL), the national leader in test preparatory services, has been conferred with the prestigious and most sought after “Distinguished Entrepreneurship Award 2020” by apex industry body, PHD Chamber of Commerce (PHDCCI) for his outstanding contribution in the field of Education. 

The award was presented virtually by Gen V.K. Singh (Retd), Hon’ble Union Minister of State for Road Transport and Highways, in the presence of notable personalities. 

The PHD Chamber of Commerce Annual Awards for Excellence instituted in 1997 recognizes Indian businesses, entrepreneurs and individuals for their outstanding achievements and contributions in selected areas and for promoting corporate and individual initiatives in economic, social, educational and cultural areas.  

The distinguished jury who chaired the panel of selection for 2020 were Justice Shri R C Lahoti, former Chief Justice of India along with other eminent dignitaries such as Shri Balbir Punj, Senior Journalist and Member of Parliament- Rajya Sabha, Shri Anil Swarup, IAS (Retd), Shri Rajiv K Dubey, Former CMD, Canara Bank and Dr. Smt Aruna Abhey Oswal, Senior Industrialist and Philantrophist.  

Speaking on the occasion, noted entrepreneur Mr J. C. Chaudhry said, “It is very humbling to be honoured with such a prestigious award. This esteemed award will further boost the morale of Aakash Educational Services Limited to make a difference in the field of education as well as in the society. Being conferred with such an award is a matter of great pride and at AESL, we are always committed in putting our best foot forward in providing justice to such an honor.”  

HDFC ERGO Implements AI Enabled Solution To Automate Motor Claim Settlements

HDFC ERGO General Insurance, India’s third-largest non-life insurance company in the private sector, announced the launch of the AI tool IDEAS (Intelligent Damage detection Estimation and Assessment Solution) for motor claim settlements. The IDEAS module uses Neural Network image processing & Analytics, Machine Learning and Natural Language that supports instant damage detection as well as calculation of the claims estimate for the surveyors to help in motor claims settlement in real-time. This launch along with the digital inspection for the Company comes as an advantage for the surveyors, partner workshops as well as the customers amidst the ongoing pandemic.

e2e, HDFC ERGO’s Surveyor mobile application, was the first-of-its-kind mobile application launched for surveyors in 2017 which enabled surveyors to process entire motor own damage claims through mobile phones on a complete paperless basis. The IDEAS module, which is trained using more than 3,00,000  images over the last 2 years and is agnostic to vehicle makes and models has been  integrated in the surveyor mobile app. HDFC ERGO is moving towards planned and systematic implementation of various technologies to automate the complex process of motor claims. The IDEAS implementation will improve the surveyor’s efficiency and support the workshops for damage estimation as well and thereby speeding the claims processing for ultimate benefit of the end customers.

Commenting on the launch Mr. Parthanil Ghosh, President – Motor Business HDFC ERGO General Insurance said, Customer and Partners are our top most priority, and hence we channel our efforts towards finding new technologies and innovative ways in which we can simplify processes for faster & efficient claim settlements. We have implemented the use of AI in one of the most complex process of claim settlement post exhaustive testing and by leveraging the best-in-class technology. At present almost 75% of our physical inspections are assisted through IDEAS tool and have already processed more than 20,000 motor claims with promising accuracy levels. We look to further revolutionize the way  claims will be settled in the insurance sector and very soon move towards instant claim settlements for customers, turning their satisfaction into delight.”

IDEAS has been seamlessly integrated and implemented in the surveyor’s inspection workflow for them to receive auto estimation of the damage by clicking the vehicle photos. The IDEAS module does the rest wherein the entire process is done under 3 main functions which will Read (vehicle number, make and model), Detect (all vehicle parts, damaged parts, severity of damaged parts) and Auto Assess/Estimate the claim amount, based on the damage & severity detection using the AI assisted intelligent rate masters. IDEAS module also minimizes the risk of fraudulent claims.

Investing in new and innovative solutions and services are key for process efficiency and customer satisfaction, which makes claims settlement convenient & easy. HDFC ERGO is constantly evaluating new and innovative solutions & services for their partners and customers to further deepen the penetration of insurance in India by encouraging customers to take up motor insurance. HDFC Ergo continues to make huge strides in the multiple dimensions of AI including ML, NLP, Text AI, Voice AI and Image AI along with RPAs across the life cycle of customers.

Abbott Launches FreeStyle® Libre System in India Providing Real-time Continuous Glucose Monitoring for People with Diabetes

* FreeStyle® Libre comes with a sensor and reader that provides real-time glucose readings and a complete picture of a person’s glucose levels without painful fingersticks1

* Clinical and real-world data show that FreeStyle Libre is associated with improved glucose control, fewer hyperglycemia and hypoglycemia events, lower HbA1C, fewer hospitalizations and improved quality of life

* FreeStyle Libre enables users to check their glucose readings more frequently, which is associated with greater time in glucose range

Abbott, the global healthcare leader, announced today that the FreeStyle® Libre system, the world’s leading2 continuous glucose monitoring (CGM) technology, is now available for adults and children (above the age of four) living with diabetes in India and women with gestational diabetes (diabetes during pregnancy), offering them the choice to check glucose levels anytime and anywhere, ultimately improving glucose control3.

The FreeStyle Libre sensor measures glucose every minute in interstitial fluid through a small (5.5mm long) filament that is inserted just under the skin and held in place with a small adhesive pad. A quick scan of the sensor with a reader provides a real-time glucose reading on demand and a complete picture of a person's glucose levels, without the need of painful, routine fingersticks or daily calibration, enabling meaningful lifestyle and therapy interventions.

FreeStyle Libre is designed for users to be able to check their glucose readings much more simply and frequently, and data show that higher scanning frequency of the technology has been shown to significantly improve time in optimal glucose range.

“Abbott’s revolutionary technology has changed the way millions of people manage diabetes globally and we are excited to bring this life changing technology to India,” said Kalyan Sattaru, general manager of the diabetes care business at Abbott. “People with diabetes are at the centre of Abbott’s innovation. We are happy to launch FreeStyle Libre in India that gives millions of Indians access to to high-quality, accurate and pain-free diabetes technology for continuous glucose monitoring. This helps people make more informed health decisions allowing them to live fuller lives.” 

India has the second largest diabetes population in the world, estimated to cross 100 million in the next decade*. Healthcare providers are continuously upgrading guidelines of care and nutrition advice to ensure the condition is managed to avoid diabetes-related complications. Multiple international and national professional medical bodies have recommended CGM use for people with diabetes to target improved clinical outcomes including Indian professional bodies such as Diabetes India and The Research Society for the Study of Diabetes in India (RSSDI).

RSSDI in its published recommendations4 in 2017 quotes that technology in diabetes management may be used in patients for better outcomes and to minimize complications. Evidence suggests that continuous glucose monitoring system can influence patients for diabetes self-care practices, which in turn results in glycemic control enhancement over a wide range of baseline therapies.

Dr Banshi Saboo, President, and lead member of the CGM panel at RSSDI said, “Monitoring glucose levels is a pre-requisite to ensure optimum glycaemic control. While glucometers are handy portable devices that help detect the single point-in-time capillary glucose, CGM devices provide complete visibility of the 24x7 glycaemic profile of the patient with diabetes up to 14 days. This technology helps fulfil an unmet need in diabetes helping patients make better choices in diet and exercise. In India, food has a social, cultural and emotional connect which leads to unrestricted diet despite doctor recommendations. While medication can help, people with diabetes must have a disciplined approach to managing the condition. In the current COVID environment, with reduced access to doctors and specialists, CGM empowers patients with actionable insights at hand that helps in remotely managing their glucose levels.”

Clinical trials and real-world data show that users of the FreeStyle Libre system have improved glucose control3, decreased time in hyperglycemia5 and hypoglycemia6 as well as reduced hospitalizations7, HbA1C8 levels (average glucose levels over three months), and improved quality of life. Greater time in range (TIR) has been linked to more stable glucose control, which could lead to fewer complications.

Blood glucose testing (24 hours)

Using SMBG (self-monitoring of blood glucose)

Actual glucose trend (24 hours)

Using CGM (continuous glucose monitoring)

A lower TIR9 has been found associated with increased risk of progression to retinopathy and nephropathy by 64% and 40% respectively. Another recently released study10 demonstrates association of lower TIR with increased cardiovascular risk. With glucose levels under control, patients with diabetes as well as their treating HCPs can deal with their existing and potential complications in diabetes better.

Since its introduction in 2014, the FreeStyle Libre portfolio has revolutionized the way diabetes is managed globally by more than 2.5 million users in more than 50 countries.

Hero Motocorp Creates History By Selling More Than 8 Lakh Vehicles During October 2020

Reflecting a strong customer preference for most trusted brands, Hero MotoCorp Ltd, the world’s largest two-wheeler manufacturer, sold 806,848 units of motorcycles and scooters in October 2020 – its highest-ever sales in any single month.

Continuing its growth momentum, Hero MotoCorp reported a robust double-digit growth of 35% over the corresponding month of the previous year (October 2019), when the company had sold 599,248 units.

A positive turnaround in customer sentiments – particularly for motorcycles across markets, continued government policy support and a credible resumption of supply chain, logistics and business operations have enabled the company to achieve record numbers during the auspicious festive period.

With the higher dispatches during the month, the company’s customer touch points across the country now have adequate inventories in line with market demand in the ongoing festival period.

The company has also registered significant gains in market share in the second quarter (July-September) across product categories and geographies and expect to further build on this momentum going ahead

Ten Fintech Startups Begin Their Incubation Journey at NSRCEL

NSRCEL, the startup hub at IIM Bangalore, has selected 10 early-stage fintech startups for its final stage of the Fintech startup program, which will see these firms undergo a 9-month incubation program and subsequently be eligible for a grant from ICICI Securities (I-Sec).

The program is part of ICICI Securities’ CSR initiative under which it has committed to help fintechs with winning ideas to come to the market. I-Sec believes fintechs have immense potential in jobs creation and economic growth, something which is a need of the hour for India, which has a large population entering the workforce every year.

“It is very exciting to see the fintech startups get ready for the incubation journey at NSRCEL. The quality of the founders and the solutions they offer are really top class and real world, and I am very confident that they will have many takers. I wish all the best to the teams and look forward to engaging with them during their journey,” said Mr. Vijay Chandok, MD & CEO, ICICI Securities.

“As the first domain specific program at NSRCEL, we have high expectations for this final cohort.  We will do whatever it takes to get them to the next level of growth in their entrepreneurial journey,” said Prof. Venkatesh Panchapagesan, Chairperson, NSRCEL at IIM Bangalore.

The I-Sec-IIMB Fintech startup program was launched earlier this year and received over 240 applications from all over the country. Twenty-five firms were shortlisted for a pre-incubation program, and from there 10 would now undergo an intensive nine-month incubation journey with a funding from the CSR fund of ICICI Securities.

The ventures selected in this cohort are early-stage startups working in areas like trading, lending, payments, wealth advisory, insurance tech, accounting and financial management, billing software and auxiliary sector-logistics. During their incubation journey they will be engaged in domain-specific support through mentors, industry experts and investors in the Fintech space. NSRCEL will facilitate networking & peer-learning sessions to explore synergies within and beyond the NSRCEL Startup Ecosystem.

TOP 10 Ventures under Fintech Startup Incubation-

1-ALGOFOX  (https://www.algofox.in/)

Algofox is a financial firm offering end to end solutions to create and manage wealth in stock market. Algofox provides the following services:

1. Stock market courses (NCFM/NISM Certifications) 2. Algo trading solutions and marketplace

3. Health insurance, mutual funds, life insurance guidance 4. Live trading desk

2-IDOS (http://www.myidos.com/)

IDOS is an accounting & financial management software that enables you to easily manage not just accounting, taxation and financial processes, but empowers you with data and curated reports for decision making and analytics.

3-CREDOCHAIN (https://credochain.com/)

Credochain is a digital lending platform for banks and NBFCs to help them originate, credit assess, process, and monitor MSME loans – all through an integrated platform.

4-HYLO CHALLENGER PRIVATE LIMITED (https://hylo.biz/)

HYLOBIZ is SME distribution value chain focussed Neobank, digitising the Receivables | Payables | Credit Access through Seamless integrations with SMEs ERP/accounting tools and the partner banks over the Open banking APIs ecosystem.

5- JARVIS INVEST (www.jarvisinvest.com)

JARVIS is a revolutionary strategy that ensures that the investment decision making process is devoid of human emotions. It juxtaposes the power of Artificial Intelligence & Machine Learning with Quantitative and Fundamental analysis of equity stocks, that enables the investment management process to systematically uncover and exploit sources of Alpha.

6- GIMBOOKS (https://www.gimbooks.com/)

GimBooks offers an easy to use, Mobile first and cloud based Bookkeeping platform, geared mainly towards small and micro-sized businesses in India. It uniquely offers domain- based bookkeeping, in which the interface and features of the App are customised as per the industry the user is coming from.

7-WEALTHEASY.AI (www.wealtheasy.ai,  www.patterneffects.com)

Wealtheasy.ai helps busy individuals, who want to generate regular income from the stock market with a small capital base. Wealtheasy.ai uses a patented framework powered by machine learning and tested over 10 years of data to uncover hidden investment opportunities, manage risk and automate execution with minimal screen time for users. 

8- PAYMATRIX (https://paymatrix.in/)

Paymatrix enables individuals to borrow on their existing credit card for unplanned expenses or during cash crunches and pay vendors even if they do not have a Point of Sale terminal.

9- ZIMYO (https://zimyo.com/)

ZimyoTM is a unique cloud-based HR and benefits solution for SMBs to attract and manage talent by offering employee benefits that even their bigger counterparts cannot offer; i.e. — payday loans, Insurance, Investments, etc.

10- PHI COMMERCE PVT LTD (http://www.payphi.com/)

A tech-first payments company empowering businesses to provide seamless payment experiences across omni-channels. PayPhi is addressing payments collection, processing & distribution requirements across online, in-store & on-the-go channels. This versatile platform used by Networks, Banks, Processors and Large Businesses.